Colombian FinTech Movii Closes $15M Series B

Colombian FinTech Movii raised $15 million in a Series B funding round led by Square and Greg Kidd’s investment fund Hard Yaka, according to reports on Friday (Oct. 9).

The fresh infusion of capital is being earmarked for the development of a cryptocurrency-buying platform and to grow its existing line of products.

“With our new partners and their investment, we will continue our mission to promote financial inclusion so that anyone in Colombia can pay and be paid digitally. We want to reach more people and small businesses, and be a catalyst in the democratization of financial services,” Hernando Rubio, CEO and co-founder of Movii, said.

Movii is the biggest company in Colombia offering digital deposits and payments, with more than 1.7 million users, according to the country’s governing agency Financial Superintendence of Colombia.

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The platform has plans in the works to launch an international money order service, as well as money transfers between 130 countries using a digital wallet and sidestepping point of sale processes.

As part of a government pilot in July, Movii worked with two exchanges, Panda and Bitpoint, that enabled financial institutions to offer deposit and withdrawal services to and from a crypto exchange.

“For us, this is the first step in the world of crypto assets. We want to take this product to different levels and eventually make it possible to sell and buy crypto assets from Movii, with an easy, simple and transparent experience for the user,” Rubio said then.

Founded in 2018 and headquartered in Bogota, Movii has 2 million people using its digital wallet and also offers a payment network for businesses called MoviiRed. Fully registered for payments by Colombian lawmakers, the company is also licensed as an issuer and acquirer by Mastercard and Visa.